Global Brokerage gets approval explained by professional Forex trading experts the “Global Brokerage gets approval” FX trading team.
Global Brokerage gets approval
GLBR needed at least two-thirds approval to go ahead with the plan.
The company noted that approval was actually unanimous, with all voting creditors voting in favor of the reorganization plan.
The bankruptcy case is expected to take no longer than sixty days.
Global Brokerage owns 50% of Retail FX broker FXCM Group. The company noted that FXCM is not involved with the Chapter 11 filing. FXCM’s customers and customer funds will not be impacted by the plan. Similarly, FXCM’s banking and trading counterparties, service providers, and other business relationships will not be impacted, with FXCM continuing to operate normally.
GLBR shares plummeted by more than 50% on Monday, after the company disclosed at the outset of the weekend that its shares would soon be delisted from the Nasdaq Capital Market. GLBR shares had inexplicably risen last week, but the company’s confirming that the shares would be delisted as of December 28 – which shouldn’t have come as a surprise to shareholders, since the move was mentioned in the original restructuring plan – took the air out of that bubble. Shareholders were reminded that those left holding GLBR shares after December 28 will find it hard to sell them.
Global Brokerage gets approval Conclusion
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